President Trump has paused his so‑called “Project Freedom” — an initiative to escort ships through the Strait of Hormuz — as Washington presses for a negotiated settlement with Tehran, people familiar with the matter said.
Diplomatic activity has accelerated: Iran’s foreign minister is in Beijing for talks, and Axios reports the two sides are closing in on a one‑page memo that would effectively restore key elements of the 2015 nuclear deal. Under the reported terms, Iran would agree to pause uranium enrichment and forgo pursuit of a nuclear weapon, while the US would ease sanctions and release some frozen Iranian assets.
The prospect of a de‑escalation sent risk assets sharply higher and commodities lower. European equities rallied nearly 3% as global risk appetite rebounded; mainland China and Hong Kong closed about 1.4% higher. Oil plunged about 9%, with Brent crude trading near $100 a barrel as geopolitical risk premia evaporated. Safe‑haven flows also shifted — the yen hit a 10‑week high amid intervention talk, while gold and silver posted strong gains.
In corporate and tech deals, China’s main chip development fund is reportedly in talks to lead a fundraising round for DeepSeek at a $45 billion valuation, reflecting Beijing’s continued push to scale domestic semiconductor champions.
Korea’s stock market also stood out: Samsung surpassed a $1 trillion market capitalization, joining TSMC in an elite group and helping drive a roughly 75% rally in the Korean benchmark so far in 2026.
Investors will be watching whether the one‑page memo can be finalized and translated into durable détente — developments that would reverberate through energy markets, currency flows and regional geopolitical calculations.